Is It Better to Renovate or Relocate?
Alt-tag: A renovated kitchen
Moving may be a stressful life event, but is living in a construction zone any easier? To renovate or relocate - these are your two choices if you're a homeowner who's fed up with your present situation. When making this choice, there are several factors to take into account, including your financial status and the effect on your house insurance. Most people would prefer to update their current home rather than put down a down payment on a new one – but that doesn't mean that upgrading is always the best decision.
Before you do anything make sure to consider all the necessary things:
Think about the money
Cost is a significant consideration when it comes to home renovation projects. Renovating or selling depends on your present mortgage status, as well as the amount of money you have saved for emergencies. There are immediate costs associated with renovations, whereas moving can save you money in the short term but cost you a lot more in the long run.
How will you feel if you leave your home?
Perhaps your family is more devoted to your house than you think. It could be the spot where your daughter took her first steps or where some other sentimental memories were created. Before you determine whether or not you're ready for the hardship of moving, think about the emotional ramifications for you and your family. Also, moving with children can be quite challenging and it is important everybody’s on the same page so the process can go smoothly and with no bumps on the road.
Is now the perfect time for you and your family to renovate or relocate?
Moving or remodeling can be stressful, but it can also be impractical or irrational depending on other life situations. It’s double the stress if you are moving and selling simultaneously. Be aware that changing school districts, commute routes, and mortgage prices are all possible consequences of relocating.
If you choose to relocate:
Take a fresh look at things
Is your current location of residence making you feel stifled? The grass can often seem greener on the other side. And, provided that a new perspective can open up new vistas and improve your mental health and well-being, it's something worth considering. Put down what you like and dislike about your current neighborhood so that when you begin searching for new homes, it will be easier for you to find properties that fit your needs.
Avoid the stress
Relocating allows you to find a home that better suits your needs and those of your growing family. For some, that's enough of a cause to pack up your belongings and say farewell to your community. Moving might save you money and headaches, but you should be ready on time and start looking for reliable movers as soon as possible. This will minimize the stress for you and limit the number of potential mishaps on the way.
If you decide to renovate:
Adjust to your specific requirements
If you currently have a home that you love, remodeling it to meet your specific needs is the most straightforward approach to make it more comfortable. Remodeling is an excellent option if you don't want the inconvenience and stress of a major move. However, you need to consider what kind of work you need to do. Some remodeling you can do on your own, but you will need a crew of professionals to help you out with some other undertakings. Look for a reputable company and make sure to find the right people for the job.
The value of your home can be increased
When you decide to sell your house, you'll have more money in your pocket because of the increased resale value that comes from remodeling. Adding value to your home is a great way to increase your net earnings in the long run. Think about how much money you have saved before embarking on repairs, and you'll likely find that the upfront costs are worth it.
Moving is a hassle, and it costs a lot of money. You could redecorate your living room and bedroom for less money than what you'd spend on moving. And if you're selling your property for a low price, renovating is a waste of time and money. But if you want to renovate to stay, you need to consider additional costs and logistical problems. For instance, while remodeling, you need to keep your belongings somewhere safe so they don't get damaged during the project. Renting storage space can be a great option, and many find this useful. Choosing a good storage facility or moving company can significantly reduce the risks of damaging your furniture and other belongings. They will also make sure all your things are safely transported.
Consider the cons
When considering whether to renovate your home or move, you have to consider the cons. Though it can help you develop equity and enhance your financial portfolio, selling your house won't come at no expense at all. Some of the fees you may encounter while selling your property include hiring movers, paying for an inspection, and real estate commission. However, hiring a real estate agent can help you save money and time. You should also consider the emotional toll this could take on you. Do you have responsibilities at work or home that require your immediate attention? How would you handle the stress of moving and other events in your personal schedule?
Whether you decide to renovate or relocate, checking off these points can help you make the right decision for you and your family. Make sure that you also discuss these issues with other home members. They might offer new perspectives and suggestions. But whichever option you choose in the end, be aware that these changes can be pretty stressful. So, try to take it easy and find time to relax. We wish you a happy remodeling project or happy relocation!
Meta: If you don't know whether to renovate or relocate, follow this helpful guide to help you make the right decision!